No matter what goal you’re pursuing, maintaining balance in life is important. And if you’re a business owner, maintaining an accurate balance sheet is important! But sometimes it can feel like you’re doing mathematical gymnastics to get everything in place. This is when having a bookkeeping coach comes in handy.
To understand your balance sheet better, let’s define terms...
Did you know July is National Ice Cream month? Have your kids required an ice cream stop when you finish at your favorite swimming destination? Keeping kids happy can be a challenge, but sometimes ice cream helps. (Or it at least keeps the van quiet for 10 minutes.) I recently saw a Ben & Jerry’s bumper sticker with their tagline “If it’s not fun, why do it?” and had to weigh in on the subject. Ice cream is one reason for screaming – frustration over bookkeeping is another. Completely different emotions between the two, but the same result!
Here are 5 quick reasons why doing the “not fun” work of bookkeeping is important...
Are you starting a small business this year? Are you looking for ways to minimize expenses? Would you like to outsource financial duties so you have more time for networking, product development, or other aspects that require your focus? Here is a great checklist.
In case you’d like an “inside” view of specifics we can do for you, here’s what our bookkeeping reps do for our current clients. These are examples of details we enter when we perform bookkeeping work for you:
Set up Chart of Accounts with owner
Update bank downloads and sync with the bank and credit cards ...
Did the horse you came in on turn out to be a bronco? Owning your own business can seem easy during the honeymoon period or a slow season, but watch out for the unexpected. There are several types of prospects that come through our doors looking for help with their finances.
If you are thinking of getting a loan or line of credit at a bank or have a potential buyer interested in your business, the first thing they want to see is your Balance sheet. You will need a “Balance Sheet Clean-up.”
When it comes to balance sheet messes, you often cannot fix it without causing other problems in prior periods.